1972-1973 Academic Catalog

26 CEDARVILLE COLLEGE EDUCATIONAL OPPORTUNITY GRANTS The Federal government provides, through the U.S. Office of Education, funds for a limited number of students with exceptional financial need, who require these grants to attend college, and who show academic or creative promise. Grants range from $300 to $1,000 a year and must be supplemented by at least an equal amount of other assistance to the student. The amount of financial assistance a student may receive under an Educa– tional Opportunity Grant depends upon his need, taking into account his financial resources, those of his parents, and the cost of attending Cedarville. NATIONAL DEFENSE STUDENT LOANS Under authorization of the National Defense Education Act, Cedarville College has created a National Defense Student Loan Fund in cooperation with the federal government. Under the provisions of this act a qualified student may borrow in any one year a sum not exceeding $1,000 and during his entire course he may borrow a sum not exceeding $5,000. Eligibility. In general the same conditions of eligibility that govern the regular student aid program at Cedarville College apply to the National De– fense Student Loan Fund. The most essential condition of an applicant's eligibility for a National Defense Student Loan is that he be in need of the required loan in order to pursue his course of study during the period for which the application is made. Terms. The National Defense Education Act provides that the borrower must sign a promissory note for his loan. The repayment period and the interest do not begin until nine months after the student ends his studies. Loans bear interest at the rate of three per cent per year and repayment of the principal may be extended over a period of ten years, except that a mini– mum monthly payment of $15 is required. Repayment may be deferred up to a total of three years while a borrower is serving in the Armed Forces, with the Peace Corps, or as a Volunteer in Service to America (VISTA). Repayment is deferred for as long as a bor– rower is enrolled at an institution of higher education and is carrying at least a half-time academic work load. Partial Cancellation. If a borrower becomes a full-time teacher in an elementary or secondary school or in an institution of higher education, as much as one-half of the loan may be forgiven at the rate of 10 per cent for each year of teaching service. Borrowers who elect to teach in certain schools located in areas composed primarily of low-income families may qualify for cancellation of their entire obligation at the rate of 15 per cent per year.